Upon Hearing "Impaired"
Before SFAS 142, the estimated useful life for goodwill could not exceed this number of years.
What is 40?
This is the preceding standard replaced by ASC Topic 842.
-What is ASC 840?
This shift in accounting philosophy moves away from historical cost.
- What is the adoption of fair value accounting?
ASC 606 is ______-based, not rule based.
- What is principle?
This famous Marc, adored by all, spent a good part of the semester convincing us to get a PhD.
Who is Marc Giullian?
Post-SFAS 142, carrying value is compared to this value for impairment testing.
-What is Fair Value?
This type of lease classification was greatly impacted by the release of ASC 842.
-What are Operating Leases?
ASC 820 introduced this three-tier system to improve valuation transparency.
- What is the fair value hierarchy?
This is the converging revenue standard issued by the IASB, IFRS _____.
- What is 15?
Allegedly reptilian, users aren’t able to block this famous Mark on his successful online platform.
-Who is Mark Zuckerberg?
Post-SFAS 142, research suggests that managers attempt to do this to goodwill impairment recognition.
-What is delay?
These lease contracts are excluded from recognition under ASC 842.
- What are leases under 1 year?
This controversial level of fair value measurement relies on unobservable inputs and has raised concerns about reliability and subjectivity.
- What are level three inputs?
If a company might give a discount or refund, this part of the sale is called.
- What is variable consideration
Previous owner of the Dallas Mavericks, you wouldn’t want to swim with this famous Mark.
-Who is Mark Cuban?
This effect can result in the market from managers failing to recognize goodwill impairments speedily.
-What is market surprise/shock?
This type of standard was removed, impacting the finance lease criteria.
- What are Bright Line Standards?
FAS 115 introduced this three-part classification system for investments.
- What are Held-to-Maturity, Available-for-Sale, and Trading Securities?
This is the first year public firms were required to implement the revenue recognition principles introduced by ASC 606.
- What is 2018?
This famous Marc left Louis Vuitton to focus on his own trendsetting fashion and makeup brand.
-Who is Marc Jacobs?
This effect on goodwill’s carrying value was removed with the introduction of SFAS 142.
-What is amortization?
The “90%” wording from the Present Value test under ASC 840 was replaced by these two words.
- What is “Substantially all”?
FAS 119, issued in 1994, required disclosure of fair value information for these types of complex financial instruments, paving the way for broader use of FVA.
- What are derivatives?
These are the 5 steps to revenue recognition under ASC 606.
- Identify the contract
-Identify the performance obligations
-Determine transaction price
-Allocate the transaction price
-Recognize revenue after each performance obligation is satisfied
Don’t make him angry! This famous Mark has been turning green in recent Marvel films.
-Who is Mark Ruffalo?